A participant in Ethereum’s 2014 initial coin offering (ICO) has reportedly unloaded more than $113 million worth of ETH in the past couple of weeks. The crypto tracker Lookonchain notes the whale dumped 5,000 ETH worth $12.22 million to a Kraken deposit address on Monday, continuing a selling spree that started last month. Since September […]
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A US federal judge found Rivetz and its CEO Steven Sprague sold unregistered securities when it offered an Ethereum-based token in 2017.
The United States Securities and Exchange Commission has scored yet another win against a crypto firm over an initial coin offering (ICO) — winning a judgment in a case against Rivetz Corp and its CEO, Steven Sprague.
In a Sept. 30 order, Massachusetts federal court judge Mark Mastroianni agreed with the SEC that Sprague, through Rivetz, sold unregistered securities by offering the Ethereum-based Rivetz, or RvT, token to US persons.
The regulator sued the defunct blockchain hardware firm and Sprague in September 2021, alleging they sold $18 million worth of Rivetz tokens in 2017 to over 7,200 investors, a third of which were in the US.
In some cases, celebrity backing for a crypto project is a red flag because it’s a scam ad made by criminals.
Celebrity backing can make a big difference in the success of a crypto project, but that doesn’t mean the endorsement of a famous person makes it trustworthy.
According to a 2023 research paper by two former United States Securities and Exchange Commission economists, Joshua White and Sean Wilkoff, there is a link between a celebrity endorsement of a crypto project and the likelihood of its dubiousness.
During their research, White and Wilkoff found that in 2019, 26% of the initial coin offerings (ICO) they examined were likely scams. That number increased to nearly 40% by 2023.
Crypto is full of odd people who have put some of their eccentricity into the crypto projects they develop.
The cryptocurrency industry is very, very weird.
What would you expect from an industry founded by cypherpunks and embraced in its early days by privacy and cryptology idealists, software geeks, anarcho-capitalists and disenchanted Ron Paul voters?
As crypto grew and creating new cryptocurrencies became ever easier during the initial coin offering (ICO) era, no idea was too stupid or left-field to ignore. And that’s before creating a memecoin could be done at the touch of a button, resulting in millions of coins that don’t even have an idea.
An original Ethereum investor has suddenly moved millions of dollars of ETH after remaining inactive for years, according to blockchain tracking firm Lookonchain. Lookonchain notes that the whale participated in Ethereum’s 2014 initial coin offering (ICO) when they received 2,000 ETH, currently worth about $6.7 million. According to the firm, the whale just moved more […]
The post Ethereum ICO Participant Wakes Up After Nine Years of Dormancy To Move Millions in ETH: On-Chain Data appeared first on The Daily Hodl.
The Ethereum initial coin offering launched on July 22, 2014, marking the beginning of the blockchain’s journey.
The global blockchain industry is celebrating the 10-year anniversary of the Ethereum network’s initial coin offering (ICO).
Ethereum started gaining traction in 2014 when co-founder Vitalik Buterin mentioned the project at a Bitcoin conference in Miami.
On July 22, Ethereum launched its ICO, selling over $18 million worth of Ether (ETH) paid for in Bitcoin (BTC).
This is the second crypto investigation the US securities regulator dropped this week.
The United States Securities and Exchange Commission has dropped a three-year investigation into Hiro Systems, the developer of Bitcoin’s Stacks layer-2 blockchain, which raised $70 million from token sales between 2017 and 2019, according to a July 12 regulatory filing.
Hiro, which was previously called Blockstack, has been treating its native token, STX, as a security under US law since its launch in 2018.
“Based on the information we have as of this date, we do not intend to recommend an enforcement action by the Commission against Hiro Systems PBC, formerly known as Blockstack PBC,” according to a letter from the regulator included in the Friday filing.
Thanks to the ICO busts of 2018 and the SEC's newfound attention for a raft of altcoins, scrutiny of new projects has become much higher than in the past.
The ICO boom of 2018 was an absolute disaster. It was a Wild West that saw venture capital (VC) funds throwing money at the wall to see what stuck with little regard for due diligence. More than $7 billion was funneled into ICOs in 2018, often based on little more than a drunken conversation at a cryptocurrency party. But the stories that stick are the monumental disasters that have made ICOs synonymous with fraud.
Perhaps the most prominent of these was the Bitconnect Ponzi scheme. After promising sky-high returns and seeing the value of its token (BCC) rocket to $400, it soon left investors nursing losses of some $2.4 billion. So it's understandable that as a new bull market gathers pace there is still a degree of caution around ICOs.
Despite increased caution, though, there is no question that a fresh ICO boom is just around the corner. Already, we are seeing tentative signs of this. The monthly number of token sales has reached a two-year high, according to CryptoRank, while RootData reports that VCs allocated 52% more to crypto projects in March than in February.
N-PIK is an online gambling platform that utilizes its own PIK token, PLYP token to enable players to join raffles, as well as a comprehensive token-based economy to allow players to bet, wager, and win in the best games of skill and chance. The ecosystem’s platforms are already licensed in Uganda and Kenya. Li Aleksandr […]
The Hong Kong Securities and Futures Association also suggested that Hong Kong’s authorities could implement Islamic Banking.
The suggestion that Hong Kong could make an “Initial Coin Offering” (ICO) appeared in a list of propositions formulated by the Hong Kong Securities and Futures Association to revitalize Hong Kong's economy.
The document, signed by association president Chen Zhihua, was published on Nov. 29 and included various measures, ranging from routine to bold.
The suggestions include the legal recognition of Islamic finance, and inviting stakeholders from the Islamic world to set up a committee to formulate “Islamic finance guidelines with Hong Kong characteristics.” The tenth point of the list contains only the following line without any details:
“Consider launching an initial coin offering (ICO) mechanism.”
As there is no further explanation, it is unclear whether the association is suggesting the crafting of a comprehensive framework for ICOs or creating an authorized platform.
The era of ICOs is widely seen as having ended in 2020 due to regulatory pressure and the entrance of institutional investors into the crypto market. The capitalization of ICOs plummeted 95% from its boom year in 2018 to 2019.
Related: The Death of the ICO. Has the US SEC Closed the Global Window on New Tokens?
Cointelegraph sent a press request to the Hong Kong Securities and Futures Association for details on the initiative.
Meanwhile, the Hong Kong administration is busy setting in place crypto regulation. In November, it laid down the business requirements for offering tokenized securities and other investment products. Providers are expected to take full responsibility for their tokenized products, ensure effective record-keeping, and demonstrate operational soundness, among other factors.
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